Topeka, Kan. (WIBW) - A $12 million loss was posted by CoreFirst Bank in the first three quarters of this year.
According to CJOnline, Company officials say it was planned to get rid of bad loans.
CoreFirst's Chief Marketing Officer John Fager told the paper that some borrowers couldn't repay their loans because of the recession.
Many of the loans were not to homeowners but to developers.
The bank has plenty of cash to meet reserve requirements and is financially stable.